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Japan’s Sept retail sales decline for a second month -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Shoppers walk at the Ameyoko shopping district, also called Ameya-Yokocho, where Tokyo’s biggest street food market is located, in Tokyo, Japan June 5, 2021. REUTERS/Issei Kato

Kantaro Komiya, Yoshifumi Tomoto

TOKYO (Reuters – Japan’s retail sales declined for a second successive month in September because of concerns about the coronavirus pandemic. It also reinforced expectations that Japan, the third-largest country in the world, would remain stagnant in the third quarter.

The pandemic has had a longer-than expected effect on Japanese consumers as well as manufacturers. Therefore, the Bank of Japan expects to reduce its forecast of economic growth for the current fiscal years in its fourth quarter report. This will be released later this week.

The September retail sales fell 0.6% compared to the same month a decade earlier, according to data from government. That’s better than the median prediction of 2.3% by economists in a Reuters survey. This followed an August dip of 3.2%, which was the first time in six months that retail sales had fallen year over year.

Comparatively to the previous month’s retail sales, they increased by 2.7% seasonally adjusted.

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